Israeli food manufacturer Osem, in which Swiss food giant Nestlé holds a 50.1% stake, has reported first quarter net profit of NIS31.7m (US$7.2m), compared to NIS29.6m in the year-ago period. The company's revenue rose to NIS586.7m for the first quarter of 2003, compared to NIS546.4m in the first quarter of 2002.